Kayne Anderson Rudnick Investment Management LLC Reduces Position in AvalonBay Communities, Inc. (NYSE:AVB)

Kayne Anderson Rudnick Investment Management LLC trimmed its holdings in AvalonBay Communities, Inc. (NYSE:AVB) by 4.4% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 10,623 shares of the real estate investment trust’s stock after selling 494 shares during the period. Kayne Anderson Rudnick Investment Management LLC’s holdings in AvalonBay Communities were worth $2,198,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of AVB. Opal Wealth Advisors LLC purchased a new stake in AvalonBay Communities in the 2nd quarter worth approximately $32,000. Versant Capital Management Inc raised its position in shares of AvalonBay Communities by 1,877.8% in the second quarter. Versant Capital Management Inc now owns 178 shares of the real estate investment trust’s stock worth $37,000 after buying an additional 169 shares in the last quarter. BROOKFIELD Corp ON bought a new stake in AvalonBay Communities during the first quarter valued at $39,000. Pinnacle Bancorp Inc. grew its position in AvalonBay Communities by 50.0% during the first quarter. Pinnacle Bancorp Inc. now owns 225 shares of the real estate investment trust’s stock worth $42,000 after buying an additional 75 shares in the last quarter. Finally, Massmutual Trust Co. FSB ADV increased its stake in AvalonBay Communities by 38.8% in the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 261 shares of the real estate investment trust’s stock worth $54,000 after acquiring an additional 73 shares during the last quarter. Institutional investors own 92.61% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently commented on AVB. Deutsche Bank Aktiengesellschaft boosted their price objective on AvalonBay Communities from $206.00 to $249.00 and gave the stock a “buy” rating in a report on Tuesday, September 10th. Scotiabank increased their price target on shares of AvalonBay Communities from $229.00 to $244.00 and gave the stock a “sector perform” rating in a report on Monday, September 16th. Royal Bank of Canada lifted their price objective on shares of AvalonBay Communities from $207.00 to $214.00 and gave the stock a “sector perform” rating in a report on Friday, August 2nd. Evercore ISI increased their target price on AvalonBay Communities from $225.00 to $229.00 and gave the company an “in-line” rating in a research note on Monday, September 16th. Finally, Wells Fargo & Company lifted their price target on AvalonBay Communities from $222.00 to $244.00 and gave the stock an “overweight” rating in a research note on Monday, August 26th. Thirteen analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $223.12.

AvalonBay Communities Stock Up 1.4 %

Shares of AvalonBay Communities stock opened at $233.17 on Tuesday. The company’s fifty day simple moving average is $217.61 and its two-hundred day simple moving average is $201.64. AvalonBay Communities, Inc. has a 12-month low of $160.45 and a 12-month high of $236.26. The company has a current ratio of 2.03, a quick ratio of 2.03 and a debt-to-equity ratio of 0.71. The company has a market cap of $33.15 billion, a P/E ratio of 34.70, a PEG ratio of 3.41 and a beta of 0.97.

AvalonBay Communities (NYSE:AVB) last issued its quarterly earnings data on Wednesday, July 31st. The real estate investment trust reported $1.78 EPS for the quarter, missing the consensus estimate of $2.71 by ($0.93). The company had revenue of $726.04 million during the quarter, compared to analysts’ expectations of $718.49 million. AvalonBay Communities had a return on equity of 7.16% and a net margin of 29.61%. During the same quarter last year, the business earned $2.66 earnings per share. Research analysts anticipate that AvalonBay Communities, Inc. will post 11.01 EPS for the current year.

AvalonBay Communities Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be given a $1.70 dividend. The ex-dividend date is Monday, September 30th. This represents a $6.80 dividend on an annualized basis and a dividend yield of 2.92%. AvalonBay Communities’s dividend payout ratio is currently 101.19%.

Insider Buying and Selling

In other AvalonBay Communities news, CIO Matthew H. Birenbaum sold 5,000 shares of the business’s stock in a transaction on Monday, August 5th. The stock was sold at an average price of $208.90, for a total value of $1,044,500.00. Following the sale, the executive now directly owns 65,967 shares of the company’s stock, valued at $13,780,506.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CIO Matthew H. Birenbaum sold 5,000 shares of AvalonBay Communities stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $208.90, for a total value of $1,044,500.00. Following the completion of the transaction, the executive now owns 65,967 shares of the company’s stock, valued at approximately $13,780,506.30. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, SVP Keri A. Shea sold 2,000 shares of the company’s stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $207.17, for a total transaction of $414,340.00. Following the completion of the transaction, the senior vice president now owns 4,383 shares in the company, valued at approximately $908,026.11. The disclosure for this sale can be found here. 0.42% of the stock is currently owned by company insiders.

AvalonBay Communities Company Profile

As of December 31, 2023, the Company owned or held a direct or indirect ownership interest in 299 apartment communities containing 90,669 apartment homes in 12 states and the District of Columbia, of which 18 communities were under development. The Company is an equity REIT in the business of developing, redeveloping, acquiring and managing apartment communities in leading metropolitan areas in New England, the New York/New Jersey Metro area, the Mid-Atlantic, the Pacific Northwest, and Northern and Southern California, as well as in the Company's expansion regions of Raleigh-Durham and Charlotte, North Carolina, Southeast Florida, Dallas and Austin, Texas, and Denver, Colorado.